SocietyOne vs RateSetter

Compare two of Australia's most prominent peer-to-peer lenders to find out which one will work for you.


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  • Please note that RateSetter has been rebranded to Plenti. The information on RateSetter has been kept for the benefit of those who are interested and historical records only.

Peer-to-peer (P2P) loans offer a number of benefits to borrowers, including very competitive rates that are tailored to your credit position and a fast turnaround time. But which lender will offer you the best P2P option? On this page, we compare the costs and main features of two of Australia's main P2P lenders, SocietyOne and RateSetter.

Interest rateFrom 6.99% p.a.From 6.49% p.a. (variable rate)

From 6.49% p.a. (fixed rate)

Interest rate typeFixedVariable rate (rates from 6.49% p.a. with terms from 1 year)
Fixed rate (rates from 6.49% p.a.)
Secured or unsecuredUnsecuredSecured or unsecured
Loan amounts$5,000 to $50,000$2,001 to $45,000
Loan terms2 years to 5 years1 year to 2 years
Early repayment without penalty?yesyes
  • Aged over 21
  • Australian permanent resident or citizen or New Zealand citizen
  • Earn more than $30,000 p.a.
  • Have 2 years good credit
  • Have no bankruptcies
  • Are not in hardship with another provider
  • Aged over 21
  • Australian permanent resident or citizen or New Zealand citizen
  • Have a regular source of income
  • Have a good credit history
MoreFind out moreFind out more
  • Verdict

Both peer-to-peer lenders offer competitive rates that are tailored to your credit score. However, the lenders differ on features such as how much you can borrow, how long you can take out the loan for, whether the loan is unsecured or secured and the type of interest rate.

So, keep in mind what you are looking to get out of your personal loan and choose the loan that is right for you.

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Personal Loan Offers

Important Information*
Logo for Harmoney Unsecured Personal Loan
Harmoney Unsecured Personal Loan

You'll receive a fixed rate between 6.99% p.a. and 25.69% p.a. based on your risk profile.
Apply for a loan up to $50,000 and repay your loan over 3 or 5 years terms.

Logo for ANZ Fixed Rate Personal Loan
ANZ Fixed Rate Personal Loan

You'll receive a fixed rate of 10.5% p.a.
Apply for up to $50,000 to use for a variety of purposes without needing to add security. Available to self-employed applicants. Note: These rates are available until 2 February 2021. Credit, eligibility criteria and terms & conditions apply.

Logo for NAB Personal Loan Unsecured Fixed
NAB Personal Loan Unsecured Fixed

You'll receive a fixed rate between 9.99% p.a. and 18.99% p.a. ( 10.88% p.a. to 19.83% p.a. comparison rate) based on your risk profile
An unsecured loan up to $55,000 you can use for a range of purposes and pay off over up to 7 years. Note: Majority of customers will get the headline rate of 12.69% p.a. (13.56% p.a. comparison rate) or less. See Comparison rate warning in (i) above.

Logo for SocietyOne Unsecured Personal Loan
SocietyOne Unsecured Personal Loan

You'll receive a fixed rate between 6.99% p.a. and 20.49% p.a. based on your risk profile
A loan from $5,000 to use for a range of purposes. Benefit from no ongoing fees and no early repayment fee.

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